Siemens Q3 Review - Margin Led Earnings Miss; Order Inflows Jump Sharply: Motilal Oswal
BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Siemens Ltd.’s Q3 FY21 revenue more than doubled to Rs 27 billion (like-for like two-year compound annual growth rate at down 4%) and was 8% above our expectation.
Ebitda margin was weaker at 8.4% versus our estimate of 10.3%, driving earnings miss of 16% versus our expectation.
Key positives include strong revenue growth in key segments of smart infrastructure and digital industries.
Order inflows were quite strong at Rs 43 billion, driving order book to a record high of Rs 143 billion.
Siemens has the most diversified portfolio, with offerings across various end markets, which enables it to capture wider growth opportunities.
However, underlying margin (adjusted for one-off cost control measures) has weakened across various segments.
Click on the attachment to read the full report:
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.